Los Angeles, California: Custom Tours, Inc. doing business as Kushner & Associates (https://www.kushnershuttles.com/) (“K&A”), an asset-light transportation management company, has been recapitalized by affiliates of Caldicot Capital (https://www.caldicotcapital.com/) and Tamarix Capital Partners (https://tamarixcapital.com/). The transaction closed on December 18, 2025.
Calabasas Capital served as exclusive financial advisor to K&A and worked closely with the company’s management team throughout the sale process. This included providing advisory expertise and managing the marketing, negotiation and due diligence phases of the transaction. The terms of the deal were not disclosed.
K&A is most well-known for designing and coordinating high touch, white glove transportation management services for the largest and most discerning medical associations in the country, while outsourcing to third party bus vendors. The Company’s largest clients are under multi-year contracts and have been with K&A for many years. K&A was founded by Linda Kushner more than 55 years ago and for the past 30 years has been owned and operated by her daughter, Susan Kushner. Ms. Kushner will remain CEO of K&A, work closely with Caldicot Capital to support the further growth of the Company and along with employees, will retain a significant ownership interest in the business.
Caldicot Capital is a family office serving middle market businesses. Investments are viewed as partnerships taking a hands-on approach in collaborating with business owners and management teams. Caldicot’s commitment goes beyond financial support as they roll up their sleeves to help operators build and grow their businesses. Transactions are structured flexibly on a case-by-case basis with “patient capital” without a predetermined holding period. In partnership with management, Caldicot strives to unlock significant value together.
Tamarix Capital Partners (“TCP”) provides debt and minority equity to support growing U.S. lower middle market companies with profitable and sustainable business models characterized by responsible ESG and employee practices. Tamarix partners with owners, operators, management teams, independent sponsors, and private equity sponsors to assist with a variety of financing needs including recapitalizations, leverage buyouts, growth capital, and corporate restructurings. TCP seeks to provide capital to companies that generate between $3 million and $15 million of EBITDA and $10 million and $100 million of revenue. TCP targets investment sizes of $5 million to $35 million, with the ability to fund larger transactions in conjunction with our limited partners.
Susan Kushner, CEO and Owner of K&A, said “I would like to thank David Bonrouhi at Calabasas Capital for his exceptional guidance throughout the entire process. From the outset, David took the time to learn about my company and gained a deep understanding of our business, its value, and my personal needs as well as the long term goals for the company. He diligently evaluated potential partners, ultimately identifying Caldicot Capital as the right strategic fit. His attention to detail at every stage ensured a smooth, well-managed process which has resulted in a strong partnership with growth on the horizon.”
David Bonrouhi, Co-Founder and Managing Director of Calabasas Capital, said “We are thrilled to have had the opportunity to work with K&A as its advisor on this transaction. The Company’s strong financial profile, including high margins, solid growth, long-term contractual revenue and attractive free cash flow characteristics made it a very compelling investment opportunity. Key to the Company’s success has been its culture and maintaining this key element of the business was the primary consideration for Ms. Kushner throughout the process and in selecting Caldicot and Tamarix. With its new financial partners, K&A is well-positioned to continue its strong growth both organically and via acquisition in this fragmented space. While the medical convention space has been K&A’s key strength in the market, the Company has only begun to scratch the surface on addressing other market segments including corporate events, tradeshows, and sporting events. We look forward to tracking the Company’s continued success.”
Please contact David Bonrouhi with any questions about this transaction and the investment banking services of Calabasas Capital.
